Has the Canadian Commercial Services Industry valuation changed over the past few years?

Investors are pessimistic on the Canadian Commercial Services industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 52.3x which is lower than its 3-year average PE of 120x. The industry is trading close to its 3-year average PS ratio of 2.0x.

Which industries have driven the changes within the Canadian Industrials industry?

Investors are most optimistic about the Security and Alarm Services industry which is trading above its 3-year average PE ratio of 26.7x. It looks like they are confident that earnings will grow faster in the future than they have historically. Investors are most pessimistic about the Commercial Printing industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 6.7x.

Canadian (TSX) Commercial Services Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 30 Jun 2026	CA$39.5b	CA$19.0b	CA$756.2m	28.6x	52.3x	2.1x
Thu, 28 May 2026	CA$37.7b	CA$18.8b	CA$751.1m	27.4x	50.2x	2x
Sat, 25 Apr 2026	CA$41.6b	CA$18.1b	CA$714.5m	31.8x	58.2x	2.3x
Mon, 23 Mar 2026	CA$41.6b	CA$18.1b	CA$655.5m	29.6x	63.4x	2.3x
Wed, 18 Feb 2026	CA$46.0b	CA$20.3b	CA$954.8m	23.1x	48.2x	2.3x
Fri, 16 Jan 2026	CA$46.0b	CA$22.0b	CA$779.5m	23.3x	59x	2.1x
Sun, 14 Dec 2025	CA$46.8b	CA$21.9b	CA$777.1m	23.8x	60.2x	2.1x
Tue, 11 Nov 2025	CA$46.6b	CA$21.9b	CA$709.9m	20.7x	65.7x	2.1x
Thu, 09 Oct 2025	CA$46.7b	CA$21.8b	CA$612.5m	22.2x	76.3x	2.1x
Sat, 06 Sep 2025	CA$48.1b	CA$21.0b	CA$608.3m	21.7x	79x	2.3x
Mon, 04 Aug 2025	CA$47.5b	CA$20.9b	CA$605.2m	25.5x	78.5x	2.3x
Wed, 02 Jul 2025	CA$46.8b	CA$20.7b	-CA$203,690,294.68	20.2x	-229.9x	2.3x
Fri, 30 May 2025	CA$46.4b	CA$20.8b	-CA$198,230,201.25	20.3x	-234.2x	2.2x
Sun, 27 Apr 2025	CA$44.9b	CA$20.7b	-CA$235,618,542.26	23.3x	-190.7x	2.2x
Tue, 25 Mar 2025	CA$46.1b	CA$20.9b	-CA$164,176,820.21	21.3x	-281.1x	2.2x
Thu, 20 Feb 2025	CA$46.1b	CA$20.8b	CA$15.4m	22.6x	3001.6x	2.2x
Sat, 18 Jan 2025	CA$43.8b	CA$21.0b	CA$33.2m	22.8x	1320.4x	2.1x
Mon, 16 Dec 2024	CA$44.8b	CA$20.9b	CA$23.8m	23x	1880.1x	2.1x
Wed, 13 Nov 2024	CA$44.2b	CA$20.7b	-CA$17,640,768.89	25.3x	-2508x	2.1x
Fri, 11 Oct 2024	CA$42.0b	CA$20.4b	-CA$94,054,356.01	24x	-446.9x	2.1x
Sun, 08 Sep 2024	CA$39.6b	CA$20.4b	-CA$111,829,305.33	23x	-354.4x	1.9x
Tue, 06 Aug 2024	CA$39.7b	CA$20.4b	-CA$95,622,494.31	28.8x	-415x	1.9x
Thu, 04 Jul 2024	CA$38.6b	CA$20.2b	CA$638.6m	29.7x	60.4x	1.9x
Sat, 01 Jun 2024	CA$33.8b	CA$20.3b	CA$615.7m	32.1x	54.9x	1.7x
Mon, 29 Apr 2024	CA$34.2b	CA$20.0b	CA$604.7m	21.1x	56.6x	1.7x
Wed, 27 Mar 2024	CA$36.0b	CA$20.0b	CA$561.3m	28.5x	64.2x	1.8x
Fri, 23 Feb 2024	CA$37.3b	CA$19.6b	CA$550.8m	27x	67.6x	1.9x
Sun, 21 Jan 2024	CA$35.8b	CA$19.7b	CA$220.9m	23.2x	162.1x	1.8x
Tue, 19 Dec 2023	CA$34.6b	CA$19.7b	CA$216.1m	22.2x	159.9x	1.8x
Thu, 16 Nov 2023	CA$24.6b	CA$17.9b	-CA$182,245,173.00	19.4x	-135x	1.4x
Sat, 14 Oct 2023	CA$24.3b	CA$17.4b	-CA$404,609,841.00	29.3x	-59.9x	1.4x
Mon, 11 Sep 2023	CA$25.6b	CA$17.5b	-CA$421,361,385.00	25.1x	-60.7x	1.5x
Wed, 09 Aug 2023	CA$26.1b	CA$17.0b	-CA$323,458,852.00	23.9x	-80.7x	1.5x
Fri, 07 Jul 2023	CA$28.7b	CA$16.6b	-CA$681,792,544.00	25.7x	-42.1x	1.7x


CA Market	-1.02%
Industrials	1.99%
Commercial Services	5.13%
Environmental and Facilities Services	5.16%
Diversified Support Services	5.14%
Commercial Printing	1.81%
Security and Alarm Services	0.46%
Office Services and Supplies	0%	0

Company	Last Price	7D	1Y	Valuation
GFL GFL Environmental	CA$52.31	5.5% +CA$979.0m	-23.9%	PE89.7x
EFN Element Fleet Management	CA$29.49	4.9% +CA$547.0m	-13.5%	PE27.9x
BYD Boyd Group Services	CA$134.57	6.5% +CA$228.2m	-37.1%	PE200.8x
CGY Calian Group	CA$85.51	11.6% +CA$102.0m	71.0%	PE29.7x
DXT Dexterra Group	CA$13.68	7.6% +CA$61.1m	49.0%	PE18.8x

Announcement • Jun 18

NVRO Metals Limited Announces Independent NI 43-101 Mineral Resource Estimate Of 77.6 Million-Tonne Polymetallic Resource At The NVRO Metals Hub

NVRO Metals Limited announced the results of a draft independent mineral resource estimate for the NVRO Metals Hub located in Australia’s Northern Territory following the completion of the Company’s previously announced acquisition of Northern Territory Resources Pty Ltd. The MRE has been prepared by Measured Group Pty Ltd, an independent mining consultancy that provides technical services and geographical modelling to the global mining industry, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has an effective date of May 31, 2026. The MRE confirms a combined Mineral Resource of approximately 77.6 million tonnes (measured, indicated and inferred) grading 1.69% copper-equivalent (CuEq) across oxide and sulfide domains containing copper, cobalt, silver, lead, nickel and zinc. Measured Group’s analysis was supported by 360,000 drill meters, 5,761 drill holes, 1.5 million assays, and a $60 million historical spend on database collection. 94.2% of the combined resource is measured or indicated. Measured: 40.48Mt 52.2%, Indicated: 32.58Mt 42.0%, Inferred: 4.51Mt 5.8%. Based on the MRE the implied in-situ metal resources are: Copper 356,000 tonnes, Lead 1,823,000 tonnes, Zinc 310,000 tonnes, Cobalt 69,800 tonnes, Nickel 62,100 tonnes, Silver 20,951,000 oz. The MRE establishes the resource foundation for the Company’s near term copper, cobalt and nickel production from the oxides, the development of the sulfide resource, testing of NVRO Process™ on the sulfide resource, potentially leading to long term production of Copper, Cobalt, Silver, Lead, Nickel and Zinc and development of the NVRO Metals Hub as a centralized critical minerals processing platform supporting the global critical minerals supply chain. Combined Mineral Resource of 77.6 million tonnes grading 1.69% CuEq. Sulfide-domain Mineral Resource of 61.7 million tonnes grading 1.86% CuEq. Oxide Mineral Resource of 15.9 million tonnes grading 1.01% CuEq. Resource estimate consolidates Browns, Browns East, Area 55, & Mount Finch deposits within a tenement package held 100% by NTR. Metallurgical recovery assumptions incorporated into copper-equivalent calculations. Independent estimate prepared by Measured Group in accordance with NI 43-101 methodology. COMBINED TOTAL RESOURCE (Oxide + Sulfide). Factor for base metals = (metal price x recovery %) ÷ Cu price (metals prices $/lb). Silver factor converts g/t to value vs the value of 1% Cu per tonne (g/t ÷ 31.1035 g/oz × Ag$/oz, over 22.0462 lb × Cu$/lb). In-situ value basis based on forecast metallurgical recovery for every metal; no smelter /refining /freight deductions. Separate copper equivalents for Oxide and Sulfide resources were developed owing to different metallurgical recoveries. Oxide metallurgical recoveries: Cu 72%, Co 58%, Ni 21%. Sulfide metallurgical recoveries: Cu 87%, Co 77%, Ni 77%, Pb 90%, Zn 86%, Ag 86%. Pricing = CIBC long term consensus price as of June 1, 2026. Copper Oxide Equivalent = Cu% + (Co% x 4.25) + (Ni% x 0.51). Copper Sulfide Equivalent = Cu% + (Pb% x 0.2) + (Zn% x 0.25) + (Co% x 4.67) + (Ni% x 1.53) + (Ag g/t x 0.02). "Total (calculated)" rows are tonnage-weighted from the category grades and may differ at the 2nd decimal from the source-stated rounded totals (shown in grey for reference). Oxide carries no reported silver; Ag = 0 in oxide and combined silver grade is diluted by oxide tonnes accordingly. Source: consolidated Oxide & Sulfide Mineral Resource statements, effective May 31, 2026. Notes to the Mineral Resource Estimate: The Mineral Resources for Browns Oxide, which forms part of the Oxide Mineral Resource, were modelled in Leapfrog Geo and reported at a 0.5% copper-equivalent cut-off. The Sulfide-domain Mineral Resource was modelled in Leapfrog Geo and reported at a 0.7% copper-equivalent cut-off. The Mineral Resources for Area 55, Mt Fitch and Browns East, which form part of the Oxide Mineral Resource, were estimated within mineralization wireframes built at a nominal 0.5% copper-equivalent cut-off; no further cut-offs were applied. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and there is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Tonnage and grade have been rounded to reflect the accuracy of the estimate, and totals may not sum exactly due to rounding. The MRE was prepared under the supervision of Troy Lowien, Principal Geologist of Measured Group, an independent Qualified Person within the meaning of NI 43-101. The scientific and technical information contained in this news release, including the draft mineral resource estimate disclosed herein, has been reviewed and approved by Troy Lowien, BASc. (Hons.), MAIG, Principal Geologist of Measured Group. Mr. Lowien is independent of the Company and is a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Lowien is responsible for the mineral resource estimate. and has verified the underlying data, including QA/QC procedures, and is satisfied that the data is adequate for the purposes of the estimate. No limitations were imposed on Mr. Lowien’s data verification process, and Mr. Lowien considers the data adequate for the purposes of the mineral resource estimate. The supporting technical report in respect of the MRE, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR+ within 45 days, being the prescribed filing period.

Canadian (TSX) Commercial Services Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Consensus EPS estimates increase by 11%

New major risk - Financial position

Element Fleet Management Completes $670 Million Funding with CPP Investments and Blackstone

Elevate Service Group Inc. announced that it expects to receive CAD 7.0015 million in funding

Price target increased by 9.5% to CA$17.31

Consensus EPS estimates upgraded to CA$0.42 loss

PyroGenesis Inc. Approves the Appointment of Pierre Carabin as Director

Upcoming dividend of CA$0.045 per share

BYD: Future Upside Will Rely On Integration Execution And Margin Delivery

NVRO Metals Limited Announces Independent NI 43-101 Mineral Resource Estimate Of 77.6 Million-Tonne Polymetallic Resource At The NVRO Metals Hub

New major risk - Financial position

Investor sentiment deteriorates as stock falls 19%

Northstar Clean Technologies Inc. has filed a Follow-on Equity Offering in the amount of CAD 10 million.

Now 36% overvalued

New minor risk - Financial data availability

Full year 2025 earnings released: EPS: CA$0.014 (vs CA$0.044 loss in FY 2024)